Ben, Bush and Hank's "The Song Remains the Same" - Me no Mea Culpa...

The NYT reports that "Ben S. Bernanke, the Federal Reserve chairman, and Treasury Secretary Henry M. Paulson Jr. told Congress on Thursday that new regulatory powers are needed to insulate the national economy from damage if a big Wall Street firm collapses."

So far, no one- neither President Bush, nor Mr. Paulson nor any of the previous Treasury Secretaries nor any of the CEOs of the home builders, mortgage brokers, or banks nor any of the regulators- has accepted blame or taken responsibility for his or her role in creating the current credit crisis and an ethical crisis. Quite a few people, including myself, had sounded warnings as early as 2004 and 2005 about the crooked practices used to juice up the mortgage market and the basic bet that the government will bail out the risk takers. While this is exactly what has happened, there is no public outcry about the culpability of the leaders. The American public, myself included, sorely needs an education in accountability- or have we progressed to a higher level where we do not want accountability?
Another example:
Charles Prince, the guy who led Citi to its current miseries, under whose reign Citi committed a number of grossly unethical acts, and who was effectively fired from Citi, was elected to Xerox Corporation's Board of Directors. Great Reward for a Job Well Done!